About Bank of Melbourne

The Bank of Melbourne is a financial institution based in Melbourne, Australia, established in 1989 and taken over by the Westpac Banking Corporation (Westpac) in 1997. A bank who believes in delivering the right finance solutions, rather than a generic package.
Their motto is to make their customer’s life easier by adding genuine value to the way they deal with money in their day to day business. From buying a first home, restructuring a loan, to renovating at home, Bank of Melbourne will customise solutions to better suit their client’s needs.

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Standard Variable

Repayments calculated to take into account ongoing monthly and anual fees.

Monthly repayment*

$2,176

rate per annum

5.56%

Loan to Value Ratio

Borrow up to the maxium of 90% of the value of the property.

Lenders Mortgage Insurance, or LMI, will be payable on most loans where the borrowings are greater than 80% of the value of the property.

However, you may be able to capitalise LMI into your loan, increasing the overall loan amount by about 2% (in order to cover the cost of the insurance). Contact a loan market broker to find out how LVR and LMI might impact the cost of your loan repayments.

Availability

Eligibility

The level of financial documentaion and credit history required to apply for the loan.

Financials

Full Doc

Credit History

Conforming

Genuine Saving

Required

Offset Account

Save on interest repayments by holding spare cash in an offset account.

Offset account

No

Redraw Facility

Get quick access to cash by drawing on the loan to pay for renovations or other purchases.

Redraw Facility

No

Min Redraw

$0

Redraw fee

$0

Banking Features

Given the wide range of loans on offer – with different interest rates, product features and fees – it pays to shop around to find the loan that fits your needs and circumstances. Some loans offer features that may be appropriate for your situation and result in savings over the life of the loan.

Some features you may wish to consider include:

an offset account;

ability to make extra repayments;

a redraw facility; and

linked credit card and savings accounts;

ability to split your loan between fixed and variable interest rates

Offset Account

No

Redraw Available

No

Credit Card

No

Internet Banking

Yes

Telephone Banking

Yes

BPay Option

Yes

Portability of Loan

No

Professional Pack

No

Check Account

Yes

Direct Salary Credit

Yes

Free Transactions

Yes

Minimum Redraw

No

Redraw Fee

No

Repayments

You can make your repaments Monthly.

Interest Only Option

Yes

Max Interest Only

10 years

Upfront Fees

Upfront fess associated with estabilishing the loan. Other loan set-up fees, such as valuation fees and lender's mortgage insurance, and Government charges, such as registration fees and stamp duty on property transfer, have not been included. These will be determined after application.

Total

$800

Establishment

$700

Settlement

$100

Ongoing Fees

Monthly and annual fees and charges during the loan period.

Total

$168

Ongoing Monthly

$14

Exit Fees

Fees associated with prematurely ending the loan.

Total

$850

Exit

$350

Early Repayment

$0

Switch To Fixed

$500

Notes

Portfolio Loan is a secured line of credit facility where one overall credit limit may be divided between up to ten (separate) sub-accounts. Sub-accounts can be set up for different loan purposes as required by the customer. Eg. Owner-occupier, investment or personal.
Target Market:
- People who want to own their own home sooner.
- People who have greater than 10% equity in their property/s.
- People who have a number of different borrowing and lifestyle requirements.
Key Benefits:
- Customers can own their own home sooner.
- Assists with wealth creation.
Not available for:
- Introductory / promotional rates (unless specifically stated).
- Rural land security.
- Interest In Advance repayment type.
- Bank of Melbourne building loans
- Owner Builder loans
Repayment Type and Loan Term:
The minimum repayment required is interest plus fees and charges accrued during the month. Capitalisation is not allowed the Primary sub-account but is available on other subaccounts
(both regulated and un-regulated). There is no term, however the bank reserves the right to conduct annual reviews. The account balance is payable on demand (except if the sub-account is fixed, then the balance is payable when in default).

LVR Notes

Notes

Fee Notes

Rate Lock Fee is the higher of 0.15%
of the sub-account credit limit (to be at a fixed rate) or $500

*Monthly Repayments

Monthly repayments are calculated to take into account the loan amount, repayment term and ongoing fees and charges over the life of the loan.

Variable rate loans show the monthly repayments at the current rate.

Fixed rate loans show the monthly repayment during the fixed period only.

Monthly repayment calculations are an approximate guide only. Speak to a LoanMarket Mortgage broker to understand the exact cost of a loan given your particular circumstances.

**Comparison Rates

A comparison rate is a tool to help consumers identify the true cost of a loan. It factors in the interest rate, loan amount, repayment term and ongoing fees and charges and displays this as a single percentage rate that can be used to compare various loans from different lenders.

Monthly Repayment and Comparison Rate* calculations do not include:

The use of account features such as early repayments and offset accounts which vary widely among loans and can reduce the cost of a loan significantly.

Cost savings such as fee waivers or special rate discounts.

Fees and charges associated with loan options or events that may or may not be used by the borrower, such as early repayment or redraw fees

Lenders Mortgage Insurance (LMI) which may be required to secure the loan and can increase the cost of the loan.

Government charges such as stamp duty or mortgage registration fees.

Fees and charges which aren’t available at the time the comparison rate is provided